INDUSTRY AND TRADE
Kong Apparel, Hong Kong Garments and Assessories, Hong Kong Jewellery Biannual, Hong Kong Watches and Clocks, Hong Kong Household, and Hong Kong Gifts and Premiums biannually, the quarterly Hong Kong Electronics and the annual Hong Kong Optical. Together, these product magazines reach an audience of two million buyers, importers and business decision-makers in more than 100 overseas markets. The TDC's monthly newspaper Hong Kong Trader is circulated by airmail to target readers around the world, as well as the business class travellers on selected airlines. The TDC also distributes Hong Kong For the Business Visitor, which it publishes in eight languages.
The TDC's international network of contacts includes 19 Hong Kong Business Associations whose 7 000 members are business leaders in their own communities. They provide strong endorsement of the advantages of Hong Kong as a business partner. The TDC's Overseas Associations Section also administers the Hong Kong/United States Economic Co-operation Committee and the Hong Kong-Japan Business Co-operation Committee. They are high-level committees of business and government leaders.
To further develop Hong Kong's external trade relations, the TDC organises visits to overseas markets by Hong Kong economic missions and business groups. These missions and
groups visit both established and emerging markets and their activities range from calls on government leaders, press interviews and speeches at business seminars, to the staging of product exhibitions. The TDC also organises and receives inward business missions from overseas markets. These numbered more than 440 in 1992.
Hong Kong Export Credit Insurance Corporation
The year 1991 marked the 25th anniversary of the Hong Kong Export Credit Insurance Corporation (ECIC), which is a statutory corporation established in 1966 to provide insurance protection to exporters and manufacturing exporters against the risk of monetary loss arising from non-payment by their overseas buyers for goods exported and services rendered on credit which are not normally covered by commercial insurers. The maximum percentage of indemnity against country and buyers risks is 90 per cent.
The ECIC's paid-up capital of $20 million was provided by the government which also guarantees the payment of all moneys due by the corporation. The maximum contingent liability arising from its insurance and guarantees operations which may be assumed by the corporation is $7,500 million. Within the limits of the Hong Kong Export Credit Insurance Corporation Ordinance, Chapter 1115, the corporation is autonomous in its day-to-day operations and is run on a commercial basis. It is assisted by a 12-member Advisory Board comprising prominent members from the business sector and representatives from the government.
In 1991, the corporation continued to work hard to improve its services to exporters and manufacturers under the leadership of a new Commissioner. Following a series of meetings with bankers, policyholders, trade associations and staff of all levels, guidelines and manuals on operations and management have been revised and updated to improve the efficiency and productivity of the ECIC. Studies have been undertaken with a view to widening the scope of insurance cover, introducing new facilities, reducing premiums and giving premium rebates.
During 1991-2, the ECIC underwrote $15,291 million and received premiums amounting to $90 million, both being increases of 11 per cent over 1990–91. It paid out $39 million as gross claims. The excess of income over expenditure was $28 million in the year 1991-2.
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